Two men are facing charges after prominent Edmonton businessman Alexander Davidoff was kidnapped and held for ransom on Sunday.

Police say Davidoff left his home on Sunday night to meet with two known business associates in west Edmonton.

He was then allegedly taken captive against his will, beaten, and told to provide money and his life and the lives of his grandchildren threatened.

Police say Davidoff was reported missing later on Sunday evening when he failed to show up at another appointment.

Davidoff was released from captivity on Tuesday morning when an RCMP emergency response team stormed a house in Sherwood Park.

A source told CBC that his family has been left traumatized by the kidnapping.

Det. Regan Owen said it appears Davidoff was not given anything to eat or drink while in captivity.

"The victim is doing alright," he said. "He received some minor injuries, did require some medical attention at the hospital. He was released last night and is being looked after."

The motive behind the kidnapping remains unknown.

As of Wednesday afternoon, Investigators said they still had not had a chance to interview him at length.

"We have an idea, we can speculate, but apart from speculation – without talking to him – we're going to have a difficult time coming up with a motive."

Raheel Khalon, 26, and David Chipere, 41, are charged with kidnapping, extortion, unlawful confinement, assault causing bodily harm and three counts each of making death threats.

The pair appeared briefly in Edmonton provincial court today and remain in custody. They are due back in court tomorrow morning.

Davidoff, 62, is president of Glenora Skyline Development, the company behind a Stony Plain highrise project that has been under construction for several years.

He also owns Design Jewellers Ltd. – a jewelry store at West Edmonton Mall.

With files from CBC's Janice Johnston